Farmland Forecast

Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.

Weekly USDA Crop Progress: Corn and soybeans well ahead of schedule

May 04, 2010

Yesterday, the USDA released its weekly planting progress report. Progress in corn planting is considerably above last year’s pace, with 68% of the total corn crop already in the ground for the 18 primary producing states. This compares to a 5 year historical average of 40% in similar time periods, and 2009’s estimate of 32%.

The USDA estimated corn emergence of 19% for the 2010 crop, which is well above both the 5 year historical average of 9% and the 2009 estimate of only 4%.

This week the USDA reported their estimate of soybean planting progress. Of the 18 primary producing states, 15% of soybeans have been planted. The 5 year historical average is 8% and last year only 5% of the crop had been planted by this week.

The planting of spring wheat is coming along as well. The USDA estimates that 60% of the crop has been planted already compared to a 5 year historical average of 47% and last year’s 22%.

The nation’s winter wheat crop continues to be in above average condition. 68% of the winter wheat crop is in good or excellent condition, while only 7% is in poor or very poor condition. Last year, 47% of the crop was in good or excellent condition while 27% was in poor or very poor condition. The percent of headed winter wheat for this year’s crop was 27% this week, which is at the same level as in 2009. The 5 year historical average is 31% for the week.

Corn prices increased 2.6% over the past week ending at $3.61 per bushel and soybeans were down 2.2% to $9.76 per bushel. Year-over-year corn prices are down 10.2% and soybeans are off 14.2%.

Next week we will look forward to reporting USDA estimates of emerged soybeans, along with the usual planting progress.